Polkadot price analysis: DOT maintains a bullish trend at $8.37

By August 5, 2022Polkadot
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Polkadot price analysis

Polkadot price analysis reveals that the DOT/USD pair is in a bullish trend as it shows potential to resume its uptrend. The pair is currently trading at $8.37, and a breakout above the $8.43 resistance could see it target the $9 level. However, if the price fails to break above $8.43, it could fall back to test the support at $7.91. The digital asset has been on a tear this week as it surged by over 12 percent. However, the uptrend was cut short as the prices pulled back to $8.37 levels.

Cryptocurrencies price heatmap, Source: Coin360

The coin’s market capitalization stands at $9,259,733,050 and has a 24-hour trading volume of $418,786,797. In the past 24 hours, DOT prices have surged by over 3.34 percent as the market sentiment turned bullish. The coin is trading just below the $8.43 resistance, a critical level to watch out for.

DOT/USD 1-day price analysis: Bulls remain in control

The 24-hour chart for Polkadot price analysis reveals a bullish trend as the prices surged higher after breaking out from a descending triangle pattern. The breakout occurred early today, and the prices have been consolidating since then. The cryptocurrency price will follow the volatility, and it is likely to remain in a bullish trend as the market sentiment turns positive.

DOT/USD 1-day price chart source: Tradingview

The Moving Average Convergence Divergence indicator shows that the bullish trend will continue as the MACD line is above the signal line. The Relative Strength Index indicator is currently close to the overbought levels, which suggests that the prices could correct lower in the short term. However, the bulls are likely to remain in control as long as the prices are trading above the $6.26 support level. The 50- EMA and the 20-EMA currently stand at $7.37 and $7.40 respectively, which suggests that the path of least resistance is to the upside.

DOT/USD 4-hour price analysis: Recent updates

The 4-hour chart for Polkadot price analysis shows that the market volatility follows an uncertain opening movement, which causes the DOT prices to become indecisive below the level of resistance at $8.48. The prices are trading along with the ascending channel and a breakout from the current range could set the tone for the next move.

DOT/USD 4-hour price chart source: Tradingview

The DOT/USD crosses over the Relative Strength Index to the north, which indicates that the bulls are in control. The MACD indicator is currently close to the signal line, and a crossover could see the prices target the $8.80. The 50-period EMA is moving in the sideways direction, which suggests that the prices are likely to remain range-bound in the near term while the 20 EMA is currently trading at $7.44, which acts as strong support for the prices.

Polkadot price analysis conclusion

Polkadot price analysis, Concludes that Cryptocurrency is likely to continue its uptrend as the market sentiment turns bullish. Investors are looking at the $8.48 resistance level to enter into new positions. From the technical analysis of DOT/USD, it is evident that the prices are in a bullish trend and a breakout above $8.48 could see it target the $9 level in the near term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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